P(event) denotes the probably of the event. It's a number between 0 and 1. A probabilty of 0 means the event definitely won't happen, 1 means the event definitely will happen, and in between means the event may happen, with higher probabilities meaning it's more likely to happen.
Answer:
The correct answer is C) 653,201
Step-by-step explanation:
In order to calculate out this, start with the base cost. You then can make an exponential equation using the percentage. Since it will be 103.5% of the previous year's cost, raise that to the variable.
f(x) = 276,400(1.035)^x
In this equation, x is the number of years. So we can plug 25 in for that variable and then calculate.
f(x) = 276,400(1.035)^25
f(x) = 276,400(2.363)
f(x) = 653,201
